JP Morgan has signed up two major banks in the Middles East and North Africa to its Kinexys blockchain platform.
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Qatar National Bank last month began using Kinexys Digital Payments as its blockchain payment system for USD corporate flows. This, says the bank, helps it address the complex challenges in the industry for commercial settlements, such as cross-border payments and liquidity funding needs.
Separately, Saudi National Bank also went live with Kinexys Digital Payments to bring real-time programmable payments to its treasury. The technology enables SNB to programmatically move funds across its various branches, as well as discharge treasury payment obligations without cut-offs on a 24/7 basis. SNB also intends to roll out the capability to select large corporate clients.
Ali Al Shubbar, head, treasury operations and international operations, SNB, says: “We’ve successfully piloted U.S. dollar-denominated flows, and this technology will allow us to scale our existing offering and introduce more cutting-edge and frictionless capabilities to our branches, affiliates and clients going forward.”
Kinexys has a strong presence in Mena, with eight of the largest banks in the region now live on the technology, including Commercial Bank of Dubai, First Abu Dhabi Bank and Bank ABC.
Naveen Mallela, global co-head, Kinexys by JP Morgan, says: “The increasingly digital global economy in the Middle East and North Africa presents a unique opportunity to continue supporting clients through our innovative offerings. We are excited to work with our clients across MENA to realize the future of finance.”
